dYdX trading and launch rewards live after governance vote
- dYdX trading and launch rewards went live on the dYdX Chain on November 28.
- dYdX users can now earn rewards for using the dYdX Chain, with $20 million set for launch rewards.
dYdX trading rewards are live on the dYdX Chain, the decentralised derivatives trading protocol announced on Tuesday.
This comes as the platform began its full trading after progressing from the beta stage, with the move made possible following a community vote.
dYdX Chain progresses to full production trading
The dYdX Chain’s mainnet beta went live on November 14, with trading available across 33 markets and offering leverage of up to 20x. The platform recorded more than $1.86 million in trades across some 14k transactions over the two weeks.
1/ Trading and Launch Rewards are live on dYdX Chain! ✨
Traders can now earn rewards when they use dYdX Chain available via the @dydx_ops_subdao!
Let’s dive into the details:https://t.co/MGiRUzBSMV pic.twitter.com/BinqsKw5x7
— dYdX (@dYdX) November 28, 2023
With 100% of trading fees accrued by traders, the launch of full production trading on November 28 opens up trading rewards distribution to users. Unlike staking rewards, trading and launch rewards were inaccessible to traders during the beta stage.
Rewards are paid in the native DYDX token.
“Following the conclusion of the governance vote earlier today, trading rewards are now fully enabled. Staking rewards for validators and stakers will continue to be paid in USDC and DYDX,” the dYdX Chain team wrote in a blog post.
Approximately 50,000 DYDX are available to traders as rewards each day and will be distributed immediately rather than traders having to wait for a month.
$20 million approved for launch incentives program
Other than the trading rewards, the community is also poised to benefit from a launch incentives program. Chaos Labs, an economic security and risk management platform for DeFi protocols, will manage the program while the dYdX Foundation will handle the distribution.
$20M of DYDX was approved for the incentives, with the funds taken from the dYdX Chain Community Treasury. The rewards will be distributed to the community over the next six months – 80% of which will be for trading activity and 20% for market maker activity.
According to today’s announcement, the launch incentives program will monitor the protocol, with possible adjustments to the above weights taken in tandem with the activity on dYdX Chain.
Full trading on the dYdX Chain will initially support four markets – Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and Chainlink (LINK).
New markets will be added continuously over the next few weeks, with these available via the dydx.trade frontend operated by the dYdX Ops subDAO, a community-run dYdX DAO.